North Carolina Railroad to invest in new factory's rail spur

North Carolina Railroad Co. (NCRR) is among local business partners investing in a manufacturing facility that will be built in Asheboro, North Carolina.

Fibertex Personal Care, a Danish textile company, will open its first U.S. manufacturing plant at an established industrial site in Asheboro, North Carolina Gov. Roy Cooper announced earlier this month.

The company plans to invest $60 million by Dec. 31, 2021, with a project facilitated in part by the Job Development Investment Grant, which was approved recently by the state's Economic Investment Committee.

NCRR will invest $420,000 toward the construction of a new spur track to connect Fibertex to an adjacent Norfolk Southern Railway line, which joins the NCRR in High Point, NCRR officials said in a press release.

NCRR's investment in the project is being made under the company's economic development initiative known as NCRR Invests.

"The availability of freight-rail infrastructure and service plays an important role as business and industry consider expanding or locating in North Carolina," said NCRR President Scott Saylor. "Through NCRR Invests, we work with our economic development partners to increase North Carolina's competitive advantage in recruiting rail-served businesses to the state."

The new factory will cover Fibertex's North and South America markets, said Michael Staal Axelsen, the company's group chief executive officer, in a press release issued by Cooper's office.

"We expect fine growth rates within our niche, and therefore, the factory will need to be operational by the end of 2018." Staal Axelsen said.